Lookers (LOOK); FY results: turnover rises 4% to £4,880m, PBT down 9% to £53.1m

Published on 13-03-2019 08:26:38
Author Sparks Team

The year began well for Lookers, with the order book for new car delivery in March building in line with expectations. Used car volumes are growing and there’s further opportunities in aftersales. In its results for the year ended December 2018, Lookers reported an adjusted profit before tax of £67.3m vs. £68.4m in 2017. Earnings per share were down 8% to 11.07p from 12.06p. The final dividend per share increased 5% to 2.60p.

Total new car and used car turnover declined 1% and increased 14% respectively, on an like-for-like basis. Aftersales turnover rose 6% on an absolute basis and 7% on a like-for-like basis. Investments in dealerships and development of multi-channel customer experience is ongoing, according to the company.

Andy Brice, Looker’s CEO, commented: “We have produced a resilient set of results against a backdrop of more challenging conditions in the motor sector, increasing sales and maintaining profitability. In particular, growth in our used car and aftersales divisions has helped to offset the impact of a more muted new car market, demonstrating the resilience of our business model. We remain focused on our strategy of having the right brands in the right locations, underpinned by ensuring operational excellence across our portfolio of dealerships.”

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